Khaitan & Co Bangalore partner Ganesh Prasad with associate partner Vinay Joy, principal associate Arun Scaria and senior associate Sanjay Khan Nagra represented Indian Singapore-headquartered e-commerce Flipkart on the $2.5bn investment.

AZB & Partners Delhi managing partner Ajay Bahl, partner Vinati Kastia and senior associate Bharat Apte represented SoftBank on Indian laws.

Gunderson Dettmer New York partner Steven Baglio was international counsel for Flipkart.

Update 03:23: Cyril Amarchand Mangaldas Mumbai-based competition law partner Bharat Budholia has been instructed by Flipkart on upcoming competition law aspects arising out of the transaction, according to the firm.

Mint reported today:

India’s largest Internet firm Flipkart Ltd has raised at least $2.5 billion from SoftBank Vision Fund, scaling up its firepower in the fight with arch rival Amazon India for dominance over India’s e-commerce market.

The latest round of funding takes Flipkart’s cash reserves to more than $4 billion. Flipkart didn’t disclose the amount, but said that the SoftBank investment comprises a mix of primary (investment in the company) and secondary capital (purchase of shares from existing shareholders).

SoftBank invested at least $2.5 billion in Flipkart, three people familiar with the matter said on condition of anonymity. Mint and other publications had reported for months that SoftBank would invest more than $1.5 billion in Flipkart by putting in fresh capital and buying shares from Tiger Global Management, Flipkart’s largest shareholder.

Update 03:23: Mint had also reported the following advisors:

Goldman Sachs served as financial adviser and Khaitan and Co. and Gunderson Dettmer Llp served as legal advisers to Flipkart in the SoftBank deal. Citi served as financial adviser and AZB and Partners served as legal adviser to the SoftBank Vision Fund.